Heshun Petroleum updates accounting policies to meet new standards

Hunan Heshun Petroleum (SSE:603353) announced changes to its accounting policies to align with new standards issued by the Ministry of Finance of the People's Republic of China. The adjustments are related to Interpretation No. 17 of the Accounting Standards for Business Enterprises, application guidelines released in March 2024, and Interpretation No. 18, particularly concerning the classification of liabilities, supplier financing disclosures, and the accounting treatment of sale and leaseback transactions. The changes, effective January 1, 2024, and prospectively applied, will ensure compliance with updated financial reporting requirements. Heshun Petroleum states that these policy changes will not have a significant impact on the company's financial position, operating results, or cash flows, and will not adversely affect the interests of the company and its shareholders. The company's board approved the changes, which are considered a routine adjustment to align with national accounting standards.